Queens neighborhood has seen surge of residential development in the last decade
By Keiko Morris
Updated July 8, 2018 3:51 p.m. ET
A venture planning to develop a soaring condominium tower in Long Island City, Queens, has scored a $502 million construction loan for the 802-apartment project that will test demand in this relatively new condo market.
A group of banks—led by JPMorgan Chase & Co.—made the loan at the end of June to the venture led by Queens-based developer Chris Xu, according to Meridian Capital Group, the firm that brokered the financing. The group began foundation work on the 67-story tower at 23-14 44th Drive late last year.
Developer had paid $100 million for full 4-acre site. Chris Xu and a rendering of River Park Place (Credit: Ismael Levya). UPDATED, 3:12 p.m., Dec. 7: Prolific Queens developer Chris “Jiashu” Xu has sold off part of a Flushing assemblage he bought last year.
2-23 Borden Avenue & 2-24 51st Avenue were just sold to Brian Pun, whom with Chris Xu is developing the tallest building in Queens. The two adjacent lots in Long Island City, Queens, sold for $10,170,000 according public record and a press release from Marcus & Millichap who represented the seller.